1. Technical Field
The embodiments described herein generally relate to automated document processing of financial document images captured by a mobile device, and more particularly to systems and methods for mobile document image processing of a financial statement which extracts and sends information to a financial institution for generating an offer for the transfer of money to another financial account.
2. Related Art
Financial institutions which issue credit cards frequently offer a service known as a balance transfer, where a customer with a balance due on a credit card can transfer some or all of the outstanding balance from one credit card to another credit card. Customers typically transfer balances from one card to another to obtain a lower interest rate, more favorable payment schedule, or other benefits offered by a credit card for carrying a balance with a particular financial institution. A balance transfer may also be similar to a cash advance, where a customer can transfer a sum of money from their credit card into their bank account, resulting in a balance due on the credit card but giving the customer cash in their bank account.
In some situations, the customer already holds the credit card where the balance is being transferred, while in other situations, the customer may be opening a new credit card and transferring a balance to the new credit card. Banks often compete with other banks to advertise lower interest rates and favorable payment terms on a balance transfer. However, it is often difficult for a customer to find out which balance transfer offers are available and what the terms of the balance transfer will be, as many balance transfer terms are dependent on the amount of the balance being transferred or the credit rating of the customer.
The balance transfer process is cumbersome for both the customer and the bank. The customer must obtain several different pieces of information, including the customer's name, contact information, credit card number, the current balance and the applicable interest rates that are applicable to the balance. If the balance is being transferred to a bank account, other information may be needed, such as a bank account number and routing number. A bank may also want to evaluate the credit history of the customer to determine whether to accept the balance transfer application, in which case the customer will need to provide even more information, such as a social security number, driver's license number or additional financial information.
Once this information is entered into an application for a balance transfer, the receiving bank evaluates the information to determine whether to accept the balance transfer request. This process may take a significant amount of time—generally several days. Once accepted, it may take several more day or even weeks before the money is transferred.
Therefore, there is a need for streamlining the process of applying for and processing financial offers, such as credit card balance transfers.